Financial advisers using the recently launched Envestnet Credit Exchange platform can now access a small range of lenders which includes TD Bank, Nationwide, First Citizens Bank and SunTrust’s LightStream division, Envestnet said Monday.
The four lenders are the first to join the platform, which launched in the fourth quarter of 2019, John Yackel, head of strategic initiatives at Envestnet, told ThinkAdvisor.
Additional lenders and a wider market expansion are expected later this year, Envestnet noted, but it did not provide specific details, including the exact timeline. âAdditional lenders will be added to expand consumer and business lending options in the near future based on the lending needs of our advisors and clients,â Yackel said.
Nationwide has joined the platform in partnership with Supernova Lending, Envestnet said, noting that all lenders added to the platform will offer Envestnet platform advisors a “wide range of loans with secured financing options and unsecured, valued at $ 10,000 to $ 25 million or more. . “Each lender was” selected on the basis of product offering, quality of service, and financing expertise, “Envestnet said.
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Announcing Envestnet Credit Exchange last year, Envestnet said it worked with Advisor Credit Exchange (ACE), which powers the platform.